"Gossip King" Wuhan Plastics (000665.SZ) boots floor, things are not simple.
Carefully selected after the "election pro-" As a result, the number and Wuhan Chutian broadcasting the same time the door.
Turned to cable network operators, the scarcity of the market subject to sufficient imagination, despite the market plunge again and again, Wuhan plastic I own lone.
But the financial weekly perusal of its restructuring plan, but found that some major doubts.
Four mystery to be solved: "This thing is not simple"
Recently, with investment bankers and financial weekly newspaper reporter in exchange, the proposed restructuring of Wuhan Plastics some doubts, but did not reveal more, saying only that "this thing is not simple."
Subsequently, the financial weekly newspaper read "Wuhan Plastics of major assets and to issue shares to buy assets of plans" (hereinafter referred to as reorganization plan) and found four mysteries: the 1st mystery: trunk net private capital investment is a violation of state regulations?
There is no doubt that radio and television networks in Hubei Chutian digital banner, in the broadcast transmission of television programs based on the basic business while carrying out extensive video on demand and Internet access and other network value-added services.
Promulgated in 2005, "the State Council on non-public capital into cultural industries a number of decisions" while Article VI that "non-public capital can access network construction and operation of cable television, cable television receiver involved in digital transformation, cultural enterprises engaged in the business State-owned capital must be controlled over 51%. non-public cable access network can be controlled in part of the business community of enterprises. "
But the Article clearly states that "non-public capital can not invest in the establishment and operation … … and so on cable television transmission network; not use the information network of news websites, audio-visual program services and other services; not operate newspaper pages, radio and TV frequency channels and time columns … … "
The Chutian figures are engaged in, is the backbone cable broadcasting network. However, in a series of options Chutian figures have emerged in the private operation of the background of the company. In the final ownership structure, the Wuxi-Hong Yi International Venture Capital Co., Ltd., Wuxi-Hong Fu International Centre for Venture Capital Chutian figures were 4.31% and hold 3.41% stake. According to financial weekly from relevant channels, both companies are private venture capital background.
It is clear that under the existing regulatory framework, the two companies in the digital backbone Chutian operation is not allowed. So, how do make the trip then?
Money Weekly noted that these two companies appearing in the parent company for the Beijing International Venture Capital Centre, is Beijing's first private equity limited partnership funds, which actually controlled by Zhao Wei. Allegedly, Zhao Wei, solid government background and contacts.
II mystery: on the state-owned assets
The two prices
In the reorganization plan's 19, revealed a number of puzzling Chutian second capital increase. June 2008, the shareholders will be considered according to the number Chutian the company adopted a resolution to increase their investment, the company registered capital increased to 30,000 million capital increase in kind Chutian Network 7,650 million (7,650 million assessed value), systems and investment capital increase in cash 7,350 million. In addition, Hubei Hong Chi Investment Corporation invested in cash, 5,000 million, of which 30 million yuan as registered capital, 2,000 million for the company's capital surplus.
This means that investment in Hubei Chutian Chee Kang figure the cost of 50 million, but the real only for the 30 million of the shares, equivalent to the price per share than the Chutian networks, systems and investment higher than 66%. Why the same time increase their investment, but with the shares of different price?
What is puzzling is that in November 2009 the third replenishment, the 20 million capital surplus capital back again. In other words, Hong Chi devoted 20 million investment to free Chutian Digital. Hong Tze Why? Reorganization plan did not explain.
Three mystery: Wuhan plastic States
Why have shares sell at a discount?
In accordance with the plan disclosed by Wuhan Chutian plastic figures in fact all of the assets and liabilities (report assesses the expected value of 172 million) and 175 million in cash are held in Wuhan by the Wuhan Plastics 4032 million shares, equivalent to earnings per share of about 8.6 yuan.
Disclosure time restructuring plan in April of this year, and 3 months, its stock price has been stable at 10 yuan, while the current share price is already 16 per line, almost twice the former. Even if the private placement of non-public offering price is 10.4 yuan.
So, why the state-owned shares can sell at a discount?
Four mystery: how the middle of the shareholders
Loss transfer of ownership?
The same as a similar investment in Hong Chi "Huolei Feng", as well as Ivy communication. Plan No. 21 "in April 2010, equity transfer," part of the show, Hubei Ivy Communications, Inc. in February 2010 to just invest in Hubei Co., Ltd. Hong Tze 2.8 yuan per share purchase price obtained Chutian digital equity to 1.72 yuan to sell, why Hubei Ivy Communications, Inc. is willing to transfer a loss?
And Tech, Wuhan Putian information held by the company to transfer the registered capital of 58 million by the same actual controller to control the subsidiary company of Shenzhen Pilot Technology Co., Ltd. prosper, the equity transfer price is 1.0 yuan / share, with shares of different prices surfaced again.
The reporters ask these questions on a number of analysts, some have said, do not dismiss that there may be transfer of benefits or other insider. This urgent need of disclosure.
Several mysterious company
The evolution of the number of shares Chutian very frequent, from 2006 to 2010, four years of purchase, reorganization plan also spent four were described.
The general trajectory is that in June 2006, Chutian Network, initiated the establishment of systems and investment, in June 2008 to increase their investment into Hong Chi investment, in January 2010 to increase their investment into Wuhan Putian Tech, Hubei radio and television, radio and television Yichang Three Gorges and Dongfeng Motor, but only in January after the share transfer complex began. System and 4.31% of its equity investments were transferred to Wuxi-Hong Yi International Venture Capital Co., Ltd., Wuxi-Hong Fu International Venture Capital Centre; Wuhan Putian Tech will hold 9.33% of its share transfer to the actual control by the same people control the subordinate enterprises Shenzhen Pilot Technology Co., Ltd. Xingbang; Hubei Hong Chi investment holdings of 4.83% of its share transfer to the Ivy Communications Ltd Hubei.
April, systems and investment, Shenzhen pilot country prosperous science and technology, Hubei Ivy Communications, Hubei, Hong Chi investments were together all of its 37.61 percent equity stake in the transfer to the Chutian network.
Since then, the system and investment, Shenzhen pilot country prosperous science and technology, Hubei Ivy Communications, Hubei, Hong Chi investment, Wuhan Putian Tech completely out of Chutian digital arena.
So, what these companies are the companies? Money Weekly survey results through public information as follows:
Public information system and very little investment, the credit line in Hubei inquiry, the company appears as "move out" of finding out more information. According to "press Chronicle of Hubei in 2006," revealed the time, president and general manager of Investment Holding Co., Ltd. Ying yellow book.
Public information, Kang Chi investment for the state-owned, is the Civil Affairs Department of Hubei Province and Hubei Province, the Provincial Charity Federation straight financial investment institutions, was established in May 2006. Very strange is that the company is committed to charity, but investment 50 million, but only take 30 million of equity and confusing.
The Hubei Ivy Communications (Holdings), is a new generation of Hubei Province, the main business of broadband wireless communications. According to its Web site information, yellow book reflects the current president of the group, once served as chairman.
About Shenzhen pilot and prosperous, we have learned from the reorganization plan in its odd bits, can only be confirmed as reflecting the Yellow Book under the control of the company.
In addition, September 2, 2009, a "Hi-Tech Information Technology Co., Ltd., Wuhan Putian 10% equity investment transaction announced an" accident revealed Putian Tech's ownership structure, integration of investment to account for 90% stake in the status of the largest shareholders, and Wuhan Putian Communication Equipment Group second place. In fact, according to public information, Putian Group announced the sale in 2008, two 30% and 60% of the Prudential Tech shares, which means that investment is its president and then drive by the year 2008. Putian Group and still want to sell the remaining 10% stake in completely out of intent.
If the president and general manager of investment at present is still reflected the Yellow Book, the Prudential Tech behind the controller should also be reflected for the yellow book. It is investing in the system and then set Putian Tech, the January 2010 figure to increase their investment into Chutian Wuhan Putian Tech.
Who reflect the Yellow Book?
The survey, these companies are central figure looming event – Huang Ying book. Sources, reflecting the Yellow Book as the number of vice chairman Chutian.
Reflect on the yellow book, April 30 reorganization plan and disclosure on May 5 in a small modified version revealed a fascinating detail.
According to April 30 "major assets and to issue shares to buy assets 暨关è”交易 plan" disclosed on page 21, "Wuhan Putian Tech Information Technology Co., Ltd. will hold 58 million of its registered capital (of the total registered capital of 9.33% stake ) transferred by the same actual controller yellow book reflects the control of subordinate enterprises in Shenzhen pilot Xingbang Technology Co., Ltd., equity transfer price by mutual agreement, as 1.0 yuan / share ", but on May 5 the modified connected transaction plan, yellow book reflects this names have disappeared, leaving only "the actual control of the same people," the statement.
So why the restructuring plan to be specially modified version of the name should be omitted?
Wuhan, a series of mysteries waiting for answers to plastic, but a simple logic is determined. That is, the yellow book reflect the occupation or control of a complex of associated company share transfer, eventually transferring to the Chutian number of options to control the Wuxi-Hong Yi International Venture Capital Co., Ltd., Wuxi-Hong Fu International Center of Beijing Capital Venture Capital predators Zhao Wei.
Then there is suspense left: Ying and Zhao Wei Huang book is what kind of relationship between? Transactions between the two is how to achieve it?
According to media reports, as early as April 2009, chairman of the board bears the number of fresh Chutian stop, reflect on the vice yellow book called Orient Securities in Shanghai Yi-Min Wang, chairman of the two sides formally signed at the number listed Chutian cooperation agreements, listing work thus entered a substantive stage.
The sources also revealed that, Zhao Wei's Redstone Fund also introduced some of the investment banking sector, its investment banking circles in a more familiar relationship.
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